Examples of grace period in a Sentence
The terms of the loan allow for a ten-day grace period.
Recent Examples of grace period from the Web
But, any experienced shopper will say that there is a grace period between receiving a gift and returning it.
If the ordinance is adopted at the next City Council meeting, set for Jan. 17, the ban would go into effect in July, with a six month grace period for businesses that have an existing contract with polystyrene companies.
That’s because unlike recent transactions in which a 30-day grace period allowed Venezuela to avoid default, the upcoming deadlines have no leniency.
Some are giving their tenants a grace period to go through their stuff.
Realistically, a coach probably has a three-year grace period.
Republicans said some people were abusing the longer grace period to skip out of their financial obligations.
Trump's tweet references that grace period, reinforcing the idea that his administration is not immediately rescinding any protections for the young undocumented immigrants in the program.
To fulfil these obligations, Venezuela has delayed more than $700m of other payments, making use of a 30-day grace period.
These example sentences are selected automatically from various online news sources to reflect current usage of the word 'grace period.' Views expressed in the examples do not represent the opinion of Merriam-Webster or its editors. Send us feedback.
First Known Use of grace period
Financial Definition of GRACE PERIOD
What It Is
A grace period is a period of time, usually about 10 days, during which a past due amount can be paid with little or no penalty.
How It Works
Let's assume your credit card payment is due on December 15. You forget to make the payment. On December 20, you remember. By then, though, it's too late. Your bill is past due.
However, if your account has a grace period, you can make the payment and the creditor might not assess a late fee or other penalty.
Why It Matters
Past-due bills often incur late fees, higher interest rates, penalties and other charges. Worst of all, the creditor might report the late payment to the credit reporting agencies, leaving a black mark on your credit rating (and even lowering your credit rating). In some cases, a bill get so past due (say, 90 or 180 days), that the creditor considers the account in default and may charge off the balance. A grace period gives customers a chance to catch up quickly before it's too late. After that point, the lender might assign or sell the account to a collection agency, which will try to collect the balance.
GRACE PERIOD Defined for English Language Learners
Definition of grace period for English Language Learners
: an amount of extra time that someone is given to pay a bill, finish a project, etc.
legal Definition of grace period
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